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Side-by-side financial comparison of MARKEL GROUP INC. (MKL) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.5B vs $3.6B, roughly 1.2× MARKEL GROUP INC.). Royal Caribbean Group runs the higher net margin — 21.3% vs 16.1%, a 5.2% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (11.3% vs -6.9%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (4.1% CAGR vs -10.5%).
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
MKL vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $4.5B |
| Net Profit | $576.8M | $950.0M |
| Gross Margin | — | — |
| Operating Margin | 22.2% | 26.1% |
| Net Margin | 16.1% | 21.3% |
| Revenue YoY | -6.9% | 11.3% |
| Net Profit YoY | 5.0% | 29.1% |
| EPS (diluted) | $48.22 | $3.48 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.6B | $4.3B | ||
| Q3 25 | $3.9B | $5.1B | ||
| Q2 25 | $4.6B | $4.5B | ||
| Q1 25 | $3.4B | $4.0B | ||
| Q4 24 | $3.8B | $3.8B | ||
| Q3 24 | $4.6B | $4.9B | ||
| Q2 24 | $3.7B | $4.1B |
| Q1 26 | — | $950.0M | ||
| Q4 25 | $576.8M | $753.0M | ||
| Q3 25 | $751.3M | $1.6B | ||
| Q2 25 | $657.1M | $1.2B | ||
| Q1 25 | $121.7M | $730.0M | ||
| Q4 24 | $549.2M | $552.0M | ||
| Q3 24 | $905.0M | $1.1B | ||
| Q2 24 | $267.7M | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | — | 26.1% | ||
| Q4 25 | 22.2% | 21.9% | ||
| Q3 25 | 25.7% | 33.1% | ||
| Q2 25 | 24.1% | 29.3% | ||
| Q1 25 | 8.3% | 23.6% | ||
| Q4 24 | 15.5% | 16.6% | ||
| Q3 24 | 29.7% | 33.4% | ||
| Q2 24 | 11.1% | 26.7% |
| Q1 26 | — | 21.3% | ||
| Q4 25 | 16.1% | 17.7% | ||
| Q3 25 | 19.1% | 30.6% | ||
| Q2 25 | 14.3% | 26.7% | ||
| Q1 25 | 3.6% | 18.3% | ||
| Q4 24 | 14.3% | 14.7% | ||
| Q3 24 | 19.6% | 22.7% | ||
| Q2 24 | 7.2% | 20.8% |
| Q1 26 | — | $3.48 | ||
| Q4 25 | $48.22 | $2.76 | ||
| Q3 25 | $59.25 | $5.74 | ||
| Q2 25 | $49.67 | $4.41 | ||
| Q1 25 | $12.08 | $2.70 | ||
| Q4 24 | $39.02 | $2.27 | ||
| Q3 24 | $66.25 | $4.21 | ||
| Q2 24 | $18.62 | $3.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.0B | $512.0M |
| Total DebtLower is stronger | $4.3B | $21.1B |
| Stockholders' EquityBook value | $18.6B | $10.0B |
| Total Assets | $68.9B | $42.0B |
| Debt / EquityLower = less leverage | 0.23× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $512.0M | ||
| Q4 25 | $4.0B | $825.0M | ||
| Q3 25 | $4.0B | $432.0M | ||
| Q2 25 | $3.7B | $735.0M | ||
| Q1 25 | $4.2B | $386.0M | ||
| Q4 24 | $3.7B | $388.0M | ||
| Q3 24 | $3.9B | $418.0M | ||
| Q2 24 | $3.5B | $391.0M |
| Q1 26 | — | $21.1B | ||
| Q4 25 | $4.3B | $18.2B | ||
| Q3 25 | $4.3B | $17.2B | ||
| Q2 25 | $4.4B | $17.6B | ||
| Q1 25 | $4.4B | $18.0B | ||
| Q4 24 | $4.3B | $18.5B | ||
| Q3 24 | $4.4B | $19.0B | ||
| Q2 24 | $4.4B | $19.8B |
| Q1 26 | — | $10.0B | ||
| Q4 25 | $18.6B | $10.0B | ||
| Q3 25 | $18.0B | $10.1B | ||
| Q2 25 | $17.3B | $9.2B | ||
| Q1 25 | $17.1B | $8.0B | ||
| Q4 24 | $16.9B | $7.6B | ||
| Q3 24 | $17.0B | $7.0B | ||
| Q2 24 | $15.9B | $6.0B |
| Q1 26 | — | $42.0B | ||
| Q4 25 | $68.9B | $41.6B | ||
| Q3 25 | $67.4B | $40.1B | ||
| Q2 25 | $66.8B | $38.5B | ||
| Q1 25 | $64.6B | $37.5B | ||
| Q4 24 | $61.9B | $37.1B | ||
| Q3 24 | $62.3B | $37.1B | ||
| Q2 24 | $59.7B | $37.0B |
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.23× | 1.81× | ||
| Q3 25 | 0.24× | 1.70× | ||
| Q2 25 | 0.25× | 1.92× | ||
| Q1 25 | 0.26× | 2.26× | ||
| Q4 24 | 0.26× | 2.44× | ||
| Q3 24 | 0.26× | 2.69× | ||
| Q2 24 | 0.28× | 3.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $662.2M | $1.8B |
| Free Cash FlowOCF − Capex | $599.1M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | 1.15× | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $662.2M | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $504.4M | $1.7B | ||
| Q1 25 | $376.2M | $1.6B | ||
| Q4 24 | $493.9M | $1.5B | ||
| Q3 24 | $890.8M | $897.0M | ||
| Q2 24 | $578.6M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $599.1M | $116.0M | ||
| Q3 25 | $1.2B | $-989.0M | ||
| Q2 25 | $453.8M | $910.0M | ||
| Q1 25 | $335.5M | $1.2B | ||
| Q4 24 | $420.0M | $915.0M | ||
| Q3 24 | $838.9M | $563.0M | ||
| Q2 24 | $521.4M | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 2.7% | ||
| Q3 25 | 29.6% | -19.2% | ||
| Q2 25 | 9.9% | 20.1% | ||
| Q1 25 | 9.9% | 30.0% | ||
| Q4 24 | 10.9% | 24.3% | ||
| Q3 24 | 18.2% | 11.5% | ||
| Q2 24 | 14.1% | -13.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 35.4% | ||
| Q3 25 | 1.3% | 47.8% | ||
| Q2 25 | 1.1% | 18.4% | ||
| Q1 25 | 1.2% | 10.7% | ||
| Q4 24 | 1.9% | 14.7% | ||
| Q3 24 | 1.1% | 6.8% | ||
| Q2 24 | 1.5% | 52.1% |
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.15× | 2.16× | ||
| Q3 25 | 1.62× | 0.93× | ||
| Q2 25 | 0.77× | 1.44× | ||
| Q1 25 | 3.09× | 2.23× | ||
| Q4 24 | 0.90× | 2.66× | ||
| Q3 24 | 0.98× | 0.81× | ||
| Q2 24 | 2.16× | 1.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
